Entertainment 2.0

In the past two decades, the Internet has had a radical impact on a number of industries.  This year has continued to highlight the already fairly obvious damage to traditional, even iconic, retailers.  Our focus for this Investment Strategy Update, however, is on the less obvious conflict in the entertainment industry, where the old guard […]

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Millennials: What Goes Around…

“This generation of Americans has a rendezvous with destiny.” – F.D.R. More than eighty years ago President Roosevelt used these words to describe the young men and women coming into adulthood between the later years of the Great Depression and the beginning of WWII.  The profound changes that occurred during the years of this “Greatest […]

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Anti-Aging and Vitality

“The future ain’t what it used to be.” – Yogi Berra From time immemorial, mankind has been searching for ways to live longer and more vital lives.  Ponce de Leon’s mythical search for the fountain of youth may have been a fool’s errand, but what is the outlook now, given the incredible recent advances in […]

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2017 – The Year Ahead

In what was possibly the most contentious and emotional Presidential election in recent times, the stage has been set for a new political and economic environment in the year ahead.  Populist sentiment led the voting and the results have immediately altered the status quo.  Very few Americans did not have a strong opinion about this […]

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A New Housing Bubble?

In our March 2012 Investment Strategy Update, Housing – the Bubble, the Collapse, the Recovery?, we assessed the U.S. housing market, concluding that we had seen the bottom and were likely to witness a reasonable recovery.  Today, most people would acknowledge that the recovery in home prices has been more than reasonable.  In fact, some […]

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Y = C + I + G + (X – M)

Those who have taken economics courses may remember the equation above, which lists the components of GDP.  GDP (Y) is the combination of consumption (C), investment (I), government spending (G), and net exports (exports (X) less imports (M)).  The recovery that began in 2009 in the United States has been tepid relative to previous recoveries […]

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Keep Calm and Carry On

slogan created to boost morale of the British civilian population during World War II Malcolm Gladwell once wrote about the nature of courage in the context of The Blitz in London.  By 1940, basically all of Europe had fallen before the Nazis – France, Scandinavia, and the Low Countries — while Italy was a German […]

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INTERIM UPDATE

The stock market is off to a rough start this year, with the S&P 500 stock index down about 10% in January as of mid-day today.  Many commentators have taken to the air with predictions of doom and gloom, and comparisons are being made to the last big “bear market” of 2008.  While market volatility […]

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2016 – The Year Ahead

Stock market advances never proceed in a straight line, and in 2015 U.S. stocks paused for breath.  While the U.S. economy continued to grow this past year, it did so at a slower rate than we had expected, due in large part to the drag on the economy from the energy and manufacturing sectors.  The […]

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Correction, or Something More?

On August 17, the S&P 500 closed at 2,102.44, within striking distance of its all-time high, achieved in May of this year.  Six trading days later it closed at 1,867.61, more than 12% off that high, which constituted the first market correction in approximately four years.  Market corrections, which are often defined simply as downward […]

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